Baron Real Estate Fund Named Best Real Estate Fund for Second
Consecutive Year at 2015 Lipper Awards

May 08, 2015 12:21 PM Eastern Daylight Time

NEW YORK--(EON: Enhanced Online News)--Baron Funds announced today that Baron Real Estate Fund (BREFX) was
awarded Best Real Estate Fund over a three year period at the 2015 U.S.
Lipper Awards. The annual Lipper Fund Awards recognize funds that have
excelled in delivering consistently strong risk-adjusted performance
relative to peers. This is the second consecutive year that Baron Real
Estate Fund has won the award. The fund ranked #1 among 62 funds and 202
share classes for the three year period ended November 30, 2014.

“We are proud and excited that Lipper has recognized the excellent
performance of our Real Estate strategy”

“We are proud and excited that Lipper has recognized the excellent
performance of our Real Estate strategy,” said Baron Chief Executive
Officer Ron Baron. “We believe that our unique approach to real estate
investing – one that goes beyond the typical REIT fund to invest also in
non-REIT commercial and residential real estate-related categories –
sets us apart from most of our peers. We are thrilled to be recognized
for the results we have achieved for our investors.”

Jeffrey Kolitch has been portfolio manager of the Baron Real Estate Fund
since its inception in December 2009, and has 23 years of research
experience. He joined the firm in 2005 as a research analyst
specializing in real estate. Previously, Jeffrey was with Goldman Sachs
& Co. from 1995 to 2005, where in 2002 he was named a managing director
of the Equity Capital Markets group. Jeffrey has a Masters of Management
from The Kellogg Graduate School of Management, Northwestern University,
and a B.S. in Economics from The Wharton School, University of
Pennsylvania.

Past performance is no guarantee of future results. The investment
return and principal value of an investment will fluctuate; an
investor’s shares, when redeemed, may be worth more or less than their
original cost. The Adviser has reimbursed certain Fund expenses for
Baron Real Estate Fund(by contract as long as BAMCO, Inc. is the
adviser to the Fund) and all the Fund’s transfer agency expenses may be
reduced by expense offsets from an unaffiliated transfer agent, without
which performance would have been lower. Current performance may be
lower or higher than the performance data quoted. For performance
information current to the most recent month end, visit www.BaronFunds.com
or call 1-800-99BARON. Baron Real Estate Fund’s annualized returns
as of March 31, 2015: 1-year, 16.19%; 5-years, 21.34%; Since Inception
(12/31/09), 21.79%. Annual expense ratio for the Retail Shares as of
December 31, 2014 was 1.32%.

Baron Real Estate Fund is in the Lipper Real Estate Funds category (with
62 funds and 202 share classes in the category for the three year period
as of 11/30/14, and 57 funds and 189 share classes in the category for
the three year period as of 12/31/13). The Lipper Fund Awards program
highlights funds that have excelled in delivering consistently strong
risk-adjusted performance relative to peers. The awards are given to
funds in 23 countries in Asia, Europe, MENA and North America. Lipper
designates award winning funds in most individual classifications for
the 3-, 5- and 10-year periods and fund family awards covering three
years. Lipper Fund Awards are based on Lipper’s Consistent Return
calculation. Lipper scores for Consistent Return reflect funds’
historical risk-adjusted returns relative to funds in the same Lipper
classification and include each fund’s expenses and reinvested
distributions, but exclude sales charges. Consistent Return values are
calculated with all eligible share classes for each eligible
classification. The highest Lipper Leader for Consistent Return value
within each eligible classification determines the fund classification
winner over 3, 5 or 10 years. Lipper, a Thomson Reuters company, is a
leading global provider of mutual fund information and analysis to fund
companies, financial intermediaries and media organizations. Any
reference to a ranking, a rating or an award provides no guarantee for
future performance results and is not constant over time.

Investors should consider the investment objectives, risks, charges, and
expenses of the Fund carefully before investing. The prospectus and
summary prospectus contain this and other information about the Fund and
can be obtained from the Fund’s distributor, Baron Capital, Inc., by
calling 1-800-99BARON or visiting www.BaronFunds.com.
Please read them carefully before investing.